Kilmer Votes to Support Export-Import Bank Reauthorization
Washington, DC – Today, Representative Derek Kilmer (WA-06) joined a bipartisan coalition of over 230 Members of Congress in supporting the United States Export Finance Agency Act of 2019, reauthorizing and expanding the Export-Import Bank (EXIM) for ten years. The Bank is credited by its supporters with providing opportunities for American workers, jobs, entrepreneurship, and the U.S. manufacturing economy.
“Reauthorizing the Export-Import Bank is really important for small businesses in our region and more broadly for export-dependent states like Washington,” said Rep. Kilmer. “It’s an essential tool in the trade toolbox that helps enable American-made products to be sold around the world and supports the growth of our local jobs. The broad support for this bill is a testament to the hard work of Representative Denny Heck. I’m grateful that Congress has taken action that will support the growth of local businesses in our region to ship Washington-made and American-made goods around the world.”
As the official national export credit agency, EXIM helps create and sustain American jobs by filling in the gaps in private sector financing for sales of ‘Made in the USA’ products and services to buyers around the world. It does this in two ways: when U.S. exporters and small businesses are unable to access export financing from private sources, the Bank offers loan guarantees, insurance and access to working capital; if U.S. exporters are disadvantaged by unfair competition from foreign companies that are heavily subsidized by their countries’ governments, the Bank helps level the competitive playing field by offering U.S. companies buyer financing.
Specifically, the bill passed today increases the Bank’s lending authority from $135 billion to $175 billion and changes the name of the Export-Import Bank to the more-accurate United States Export Finance Agency. The bill also creates new programs to help connect foreign buyers with U.S. exporters and strengthens the Agency’s support for small businesses. Additionally, the bill addresses concerns about unfair trade competition and national security by prohibiting the Bank from financing sales to certain bad-actor entities as determined under existing U.S. statute, and promotes a climate-forward global economy through support of renewable energy and technology exports.
The United States Export Finance Agency Act of 2019 has been supported by a number of organizations, with several offering testimony in support of today’s bill.
Source: I Fiber One News Radio